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Matrix Partners India invests in Mewar Ortho

Udaipur, India – November 20, 2012: Matrix Partners India today announced that it has picked up a significant minority stake in Mewar Orthopaedic Hospitals, as the sole investor in the first institutional round of equity funding for the Company. Mewar is a leading provider of surgical orthopaedic care in Rajasthan, Gujarat, and MP with several more centres coming up in the region in the near future including a centre of excellence in Udaipur that will provide end to end trauma surgical care. Mewar’s philosophy is to provide high quality, fast turnaround care for patients in Tier II India, where there is a dearth of orthopaedic and allied care facilities. Mewar started operations in Udaipur a decade back and has built a strong brand under the leadership of leading orthopaedic surgeons turned entrepreneurs, Dr. Manish Chhaparwal and Dr. (Mrs) Devashree Chhaparwal.
“The lack of quality surgical care at affordable price points in orthopaedics and trauma care, especially in non-metros, prompted us to start Mewar. At Mewar, we provide all surgical care for orthopedics – replacements, trauma, arthroscopy, spine and physiotherapy – under one roof and soon are venturing into other allied areas to ortho and trauma like neuro-surgery. We aim to keep our capital and operating costs low and operate our centres in an environment of patient centricity –quality surgeries, quick discharge, technology advancement and safe infrastructure. Partnership with Matrix will enable us to move fast in the growth phase and provide us thought leadership, given their strong background in healthcare services.” said Dr. Manish Chhaparwal, co–founder of Mewar Orthopaedic Hospitals Private Limited.
"It is our privilege to be associated with the team at Mewar, in particular the promoters who are true visionaries and have done pioneering work in orthopaedics and trauma in geographies it is needed most at an affordable price point which will lead to market leadership. Specialty healthcare services are an important franchise area for Matrix Partners India as they satisfy a growing demand for affordable and patient–centric quality care for Indian consumers and this is the 3rd investment in this area.” said Avnish Bajaj, co–founder & Managing Director, Matrix India.
Immediate expansion plans for Mewar include setting up a 100–bed centre of excellence in Udaipur while also increasing its footprint in Central India with centres in Sirohi, Mandsaur, Chittorgarh and several more. In the next five years, Mewar plans to expand its footprint to other similar geographies in the country. Mewar is in the process of ramping up personnel both on clinical (Ortho and Neuro Surgeons) and management.
Grant Thornton India were the sole financial advisers to Mewar Orthopaedic Hospitals. Alpha Partners acted as legal counsel to the Company.
About Mewar Orthopaedic Hospitals Private Limited:
Mewar Orthopaedic Hospitals Private Limited is a leading provider of Orthopaedic Care in non-metros, where the demand supply gap is high across equipments, specialists and beds. Mewar provides preventive, curative and rehabilitative care with a focus on tertiary orthopaedic surgeries like complex trauma, replacements and spine. Having started in Udaipur a decade back, it has grown in a clustered approach to 5 centres (now also in Bhilwara, Neemuch, Modasa and Ujjain). In its geographies, Mewar stands for affordable care, patient centricity, fast discharge and technical excellence (e.g., it introduced Computer Assisted Navigation System in Rajasthan for high precision in joint replacement surgery). All routine and emergency Orthopaedic, surgical, accidental trauma services, most of diagnostic services and ancillary services like pharmacy and ambulance are available on a 24x7 basis in all its centres. Mewar has a team of dedicated surgeons, led by the promoters themselves who are reputed Orthopaedic Surgeons themselves.
More information is available at www.mewarortho.com
About Matrix Partners India:
Matrix Partners India is an investment firm with INR 3,000 crore under management. The firm invests in companies targeting the Indian consumer market at the seed, early and early growth stages with initial investments ranging from 1 crore to 75 crore. The firm has invested in several market leading companies including Centre for Sight (eye care), Cloudnine (maternity and infant care), Muthoot Finance (gold loan NBFC), Quikr (online classifieds), Tree House Education (preschools) and Ver se Innovation (mobile classifieds) among others. Matrix Partners has a global network of funds investing in the US, China and India with over US $3 billion under management. Further information is available at
www.matrixpartners.in